NHS North West helps Christie's recoup Icelandic losses

Strategic health authority gives Manchester hospital charity £6.5m to cover funds lost in Icelandic bank collapse

Manchester charity Christie's announced today that it would recoup the £6.5m it lost in failed Icelandic banks.

It will receive the funds from NHS North West, the strategic health authority that oversees the 63 NHS organisations in the north west of England.

The charity, which raises money for Manchester hospital The Christie, launched the Cash Back for Christie campaign two months ago to demand full compensation for money lost in the collapse of Icelandic bank Kaupthing Singer & Friedlander. It was previously denied compensation by the Financial Services Compensation Scheme.

Almost 100,000 people signed a petition in support of the campaign, which was presented to Downing Street last month in the hope that the Government would help recoup the losses.

However, Christie's said in a statement that the strategic health authority had identified funds from its building development schemes that could go towards supporting Christie's.

Mike Farrar, chief executive of NHS North West, said the money would not compromise the quality of any NHS services. "Our primary concern is to ensure the seven million people in our region receive the best possible health care services," he said. "Having such an important cancer centre potentially compromised in such an unprecedented event moved us to look at how we could help Christie's."

The charity had filed for legal review, but confirmed today that it would take no further action.

"We're pleased that this result finally brings the issue to such a positive conclusion for cancer patients," said Caroline Shaw, chief executive of The Christie. "We were taking our case for the return of the money to judicial review and the legal opinion was that we had a very strong case. Last week our papers were filed in the High Court, but in view of this cash offer we have agreed to withdraw legal proceedings."

Meanwhile, the Treasury is due to announce today what action it is taking to help other charities affected by Icelandic bank losses.

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